SFX has submitted a £36 million proposal to update the circuit. The proposed development includes a new grandstand, relocation of the pits, changes to the shape of the track as well as temporary garages and spectator stands.

A spokesperson for SFX said, 'This is a chance to create a really world-class facility which could bring this prestigious event back to the area.'

The North West Leicestershire District Council is at present assessing SFX's application and gave no indication as to when an answer is expected.

Jordan Grand Prix